• Register
Return to: Home > News > Assurance and Accounting > The UK becomes the 20th country to exchange tax reports with the USA

The UK becomes the 20th country to exchange tax reports with the USA

The UK and USA governments have agreed to exchange tax information from multinational enterprises in country by country reports (CBCR).

The reports from companies with at least $850m in revenue filed with the USA’s Internal Revenue Service (IRS) will be exchanged with the UK’s Her Majesty’s Revenue and Customs (HMRC), and vice versa for UK multinational groups with at least €750m (USD $902.3m). This is under the condition that the multinational is a resident for tax purposes or has a permanent establishment in the UK or USA.

The entity reports aggregate profit or loss before income tax, income tax paid, capital for each constituent entity, accumulated earnings, total full time employees and net value of tangible assets. They must file for each tax jurisdiction where at least one constituent entity resides.

Other countries that have CBCR exchange agreements with the USA include; Australia, Belgium, Brazil, Canada, Denmark, Estonia, Guernsey, Iceland, Ireland, the Isle of Man, Jamaica, Latvia, Malta, the Netherlands, New Zealand, Norway, Slovakia, South Africa, and South Korea.

Top Content

    MSI joins AGN and DFK in Global Connect

    A year after AGN International and DFK International launched Global Connect, multi-disciplinary association MSI has joined the group.

    read more

    Views from the Eurozone

    With Brexit looming, populist governments gaining footholds in a number of countries and movements such as the Yellow Jacket protests in France, 2018 was anything but a quite year for the eurozone. Here leaders report to the IAB on their markets.

    read more

    Eastern promise and how to find it

    With China rising as a global power, Jonathan Minter spoke with ShineWing’s Zhang Ke and Marco Carlei at the World Congress of Accountants 2018 in Sydney, to discuss the cultural challenges that occur when Chinese networks look beyond their border, and the dividends available for those who overcome them.

    read more

    The UK: uncertain waves rule Britannia

    The UK’s accountancy profession is currently in a period of much uncertainty. The Competition and Markets Authority (CMA) has released its review into the listed audit market which could cause the biggest shake-up the profession has seen in years, the Kingman Review has described the Financial Reporting Council (FRC) as not being fit for purpose and called for it to be replaced. All the while the country remains in a deadlock on Brexit negotiations.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.